Multiple choice

Mr. Magnet got a loan of Rs. 21,000 at 10% simple interest. He repaid that loan in 24 equal monthly installments, each being paid at the end of every month starting from the next year; that means for the first year, he did not pay anything and for the next 2 years he paid the installments and cleared the loan exactly by the end of the third year. What was approximate each installment he paid?

  1. Rs. 800

  2. Rs. 1,038

  3. Rs. 1,240

  4. RS. 1,128

  5. Rs. 1,057
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B Correct answer

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